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§ Private Profile · Chennai, India
Open-finance platform for financial data analysis & behavioral insights. Full-stack toolkit for India's fintech ecosystem.
Founded in 2020 by chief executive officer Kumar Srivatsan, Fego is an open finance platform in Chennai that provides a full stack toolkit for businesses to access and analyze user banking data. The SaaS enterprise enables B2C entities to embed behavioral insights into their customer experiences across multiple use cases, including lending, collections, wealth management, marketing, and fraud detection. By facilitating seamless communication between financial institutions and customers, the platform solves compliance and engineering overheads within the Indian fintech ecosystem. Operating with a workforce of 41 to 60 employees, the company generated over ₹12 lakh in total revenue during the 2023 fiscal year. To support its ongoing growth, the startup has secured more than $1,700,000 in funding from 13 backers, featuring prominent institutional investors like First Cheque, 3one4 Capital, Eximius Ventures, and Saison Capital.
Fego.ai has raised $2.0M across 1 funding round.
Fego.ai has raised $2.0M in total across 1 funding round.
Fego.ai is an open-finance platform that empowers B2C entities, such as banks, NBFCs, financial institutions, and consumer internet companies, to access behavioral financial insights from users' banking transactions.[1][2][3] It offers a full-stack toolkit including embeddable personal finance experiences, account aggregation via India's Account Aggregation Framework, transaction categorization with AI and NLP (TrACE engine), and intelligence products like Fego XP, FegoIntel, and FegoConnect to enable real-time, personalized financial engagements for use cases in lending, collections, wealth management, fraud detection, and marketing.[1][2] Founded in 2020 in Chennai, India, the company has raised over $1.7 million in seed funding, generated ₹12 lakh+ in FY23 revenue, employs 41-60 people (with recent data showing 7), and was acquired by Perfios Software Solutions.[1][2][4]
Serving fintechs, banks, and consumer-tech firms, Fego.ai solves engineering and compliance burdens in open banking by providing pre-built modules, cleansed data, and insights that drive user retention and product innovation.[2][3] Its growth includes pilots with large players and a focus on India's fintech ecosystem.[3]
Fego.ai was founded in 2020 in Chennai, Tamil Nadu, by Kumar Srivatsan, who serves as Co-Founder & CEO.[1][4] Operating under Leap247 Finnovations Private Limited, the company emerged amid India's push for open banking, specifically leveraging the Account Aggregation (AA) Framework to address pipes (data access) and value-added services like insights and experiences.[3] Early traction came from market feedback, leading to three product pillars: pre-built embeddable experiences (Fego XP), financial intelligence (FegoIntel), and connectivity (FegoConnect), with successful POCs alongside major institutions.[2][3] Seed funding of $1.7M+ in December 2021 from investors like First Cheque, 3one4 Capital, Eximius Ventures, and Saison Capital fueled expansion, culminating in its acquisition by Perfios.[1][4]
Fego.ai rides the open finance and banking wave in India, enabled by regulatory frameworks like Account Aggregation, which democratize access to financial data for innovation.[2][3] Timing aligns with fintech's explosive growth—India's ecosystem demands tools to turn raw transactions into actionable insights amid rising digital lending and consumer finance apps.[1] Market forces like increasing NBFC/bank digitization and consumer-tech "finovation" favor Fego.ai, reducing silos and enabling personalized services that boost retention.[2] It influences the ecosystem by empowering developers, fostering embedded finance, and supporting Perfios' scale in analytics.[2]
Fego.ai's Perfios integration positions it for accelerated scaling in India's $100B+ fintech market, with trends like AI-driven personalization and real-time data shaping hyper-targeted products.[2] Expect deeper enterprise adoption, international AA-like expansions, and enhanced TrACE capabilities amid open banking regulations. Its toolkit will evolve influence from enabler to standard for B2C financial experiences, amplifying Perfios' dominance while simplifying fintech innovation.[1][2] This open-finance pioneer continues transforming raw data into behavioral gold for user-facing entities.
Fego.ai has raised $2.0M in total across 1 funding round.
Fego.ai's investors include 3one4 Capital, Eximius Ventures, First Cheque, Saison Capital, Speciale Invest.
Fego.ai has raised $2.0M across 1 funding round. Most recently, it raised $2.0M Seed in December 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Dec 1, 2021 | $2M Seed | — | 3one4 Capital, Eximius Ventures, First Cheque, Saison Capital, Speciale Invest | Announced |